The number of unsold properties nationally between August 2013 and 2014 was recorded at 347,646, with Sydney suffering the most substantial yearly decrease in stock levels between that period, and Darwin the highest increase.

The Asking Prices Index, released by SQM Research, found Sydney had the most substantial yearly decrease in stock levels, falling 9.4 per cent to a total of 22,748. Darwin recorded the highest increase in stock levels at 19 per cent year on year, to a total of 1,719.

SQM managing director Louis Christopher said cities around Australia reliant on the mining industry are experiencing a downturn that will likely persist for some time yet. However, the market remains strong on the east coast of Australia.

"The markets across Sydney and Melbourne are more diversified and more influenced by the finance sector, and the east coast economy is supporting the demand," he told Real Estate Business.

"Seasonality is the reason for the rise in August and I suspect a rise again from September through to November, but it will come down a little over the Christmas period.

"With the amount of stock steadying year on year there is no further acceleration in market momentum beyond what is already in existence … August’s monthly rise in listings for sale is due to the spring selling season approaching."